Is chasing money getting in the way of earning it? Are late payments destroying your cash flow forecasting?
48% of invoices issued by small businesses are paid late resulting in 26% of small businesses struggling to pay their own suppliers and creditors on time. Unfortunately, those statistics are just the tip of the iceberg…
- Small businesses spend 1 ½ hours each day chasing outstanding payments
- 50,000 UK small businesses fail every year because they don’t get paid in time
- The average UK SME is owed £25,000 in late payments
You may be one of the ‘lucky’ ones with less than £25,000 of outstanding payments, but even a fraction of that figure, when removed from your expected cash flow, can be enough to leave a big hole in your company’s finances.